Bitcoin, Ethereum Technical Analysis: BTC, ETH Plunge, as Profit Takers Swoop In

Bitcoin retreated from a multi-week excessive on Tuesday, after cryptocurrencies entered overbought territories. Traders have seemingly opted to seize latest income, forward of key knowledge factors later this week. Ethereum slipped beneath $1,700.

Bitcoin

Bitcoin (BTC) edged beneath the $28,000 degree throughout right this moment’s session, as merchants moved to safe Monday’s features.

After surging to a peak of $28,494 to start out the month of October, BTC/USD slipped to a low of $27,374 earlier within the day.

The decline got here after the cryptocurrency climbed to its highest degree since August 17, nonetheless this momentum was additionally its downfall.

This was owing to the truth that Monday’s transfer pushed the 14-day relative power index (RSI) above the 70.00 degree, and into overbought positions.

At the time of writing, value power is now monitoring at 59.93, which is marginally above a assist level of 57.00.

In the occasion that this aforementioned ground is damaged, there’s a good probability that BTC might slip beneath $27,000 within the coming days.

Ethereum

Ethereum (ETH) was additionally a sufferer of right this moment’s revenue taking, with value as soon as once more falling beneath the $1,700 mark.

ETH/USD sank to a backside at $1,646.08 on Tuesday, lower than 24 hours after peaking at a seven-week excessive of $1,733.51.

The decline seems to have come after ethereum bulls have been unable to drive a breakout above a ceiling at $1,730.

Looking on the chart, the sell-off engulfed features from the previous three days, and got here because the RSI fell beneath a ground at 60.00.

Currently, the world’s second largest cryptocurrency is buying and selling at $1,656.73, and seems to be heading for a ground at $1,620.

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